Geithner says US and India must push for balanced growth

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Geithner says US and India must push for balanced growth

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US Treasury Secretary Timothy Geithner has held talks with the Indian Prime Minister Manmohan Singh during a two-day trip to strengthen economic ties.

Geithner said Washington and New Delhi must work together on rebalancing global growth and making necessary changes to a battered financial system.

The Treasury Secretary was also given a demonstration of banking for people without access to banks.

They use their mobile phones and a special encryption pad for deposits and withdrawals at shops.

US Treasury officials said they hope to learn from India’s efforts to extend financial services to its poor and rural populations.

Geithner was also due to travel to India’s financial capital Mumbai to meet with local entrepreneurs and chief executives of leading companies.

During the visit Geithner praised India’s handling of its economy through the financial crisis.

He said it is emerging stronger and faster than most large economies, and added the prospects for both the United States and Indian economies are “encouraging” in the face of global recovery.